AADB Releases Outcome of Probe into Timothy Hunt’s Conduct
An Executive Counsel has filed a disciplinary formal complaint with the Accountancy and Actuarial Disciplinary Board (AADB) in relation to Timothy Hunt’s conduct in connection with the preparation and approval of the interim financial statements of Worthington Nicholls Group plc for the six months ended 31st March 2007.
In October 2008 the AADB announced an investigation into the conduct of Members and Member Firms in relation to certain events connected with Worthington Nicholls Group plc.
Hunt was the Finance Director of Worthington Nicholls Group plc from January, 10 2007 to September, 19 2007.
The Formal Complaint alleges that Hunt’s conduct breached the fundamental principles of integrity and of professional competence and due care and therefore fell short of the standard reasonably to be expected of a Member of the ICAEW.
The breaches occurred in relation to the release of a Regulatory News Announcement; the release of a Share Placement Letter in a Shareholder Circular; his conduct at an Extraordinary General Meeting and a Board meeting; and the preparation of the Interim Financial Statements for the period ending 31st March 2007, which were released on 29th June 2007.
The AADB said it is independent of the professions it disciplines and operates in the public interest.
An independent Disciplinary Tribunal will be appointed to hear the Formal Complaint.
The investigation in relation to the conduct of the auditors is continuing.